Marc Stad, founder and managing partner of Dragoneer Investment Group, has reached a deal to become the controlling owner of Minnesota’s two professional basketball franchises – the NBA’s Timberwolves and the WNBA’s Lynx. The transaction would see Stad purchase the majority of co‑owner Marc Lore’s stake at a valuation of roughly $4.5 billion.

Ownership structure and next steps

Stad has been a minority investor in both teams under the ownership group that includes Lore and former baseball star Alex Rodriguez. Under the reported agreement, Stad’s wife, Elisa, will serve as the Timberwolves’ governor, while Rodriguez will remain a co‑owner of both clubs. Lore is expected to move into a limited role, stepping away from his governor duties to focus on taking his food‑delivery business, the Wonder Group, public.

Approval process

The deal must be approved by the NBA Board of Governors, which is scheduled to meet on September 15‑16. If approved, Stad will assume control of the franchises, marking a significant shift in ownership that began when Lore and Rodriguez took full control from longtime owner Glen Taylor about 14 months ago.

Historical context

Glen Taylor bought the Timberwolves in 1994 for $88 million. Lore and Rodriguez entered the ownership group in 2021, valuing the teams at $1.5 billion and agreeing to eventually purchase the clubs outright from Taylor.

Field Level Media reported the transaction.

Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.